Asset-backed cryptocurrency gains momentum in China

Diamonds have not been a favourite with Chinese investors in the past because they tend to lose their resale value. But thanks to the emergence of cryptocurrency, this attitude towards diamonds as an unviable investment vehicle has changed, says a report in Jing Daily.
A study conducted by the research and advisory firm Forrester Consulting indicated that nearly 40 percent of clients who pay with crypto are new customers. Asset-backed cryptocurrencies are gaining momentum, according to analysts.
Additionally, young and socially-conscious consumers have expressed increasing concern over ‘blood diamonds.’ Ethical consumerism has begun trending in China. Therefore, diamond sellers know there is a strong need to build strategies that re-engage customers for better retention.
Not only do cryptocurrencies appeal to younger demographic groups that are more comfortable participating in the digital economy, but they also create a more transparent, secure, and fair diamond market.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished